Ten Entertainment sales grow following re-engineering programme
Tenpin bowling operator Ten Entertainment performed well during the year ended 29 December 2019, achieving a 10.2% rise in total sales, while like-for-like sales growth came to 8.0% for the year, marking an eighth consecutive annual increase.
The AIM-listed group said 70% of its estate now benefited from cost efficiencies delivered through its "Pins & Strings" technology re-engineering programme. Four sites were refurbished during the year, including one prime location that received additional investment as a concept site format to trial new entertainment experiences.
Ten said it had continued to strengthen its pipeline of new site opportunities through a blend of new developments and selected acquisitions and anticipated that group adjusted underlying earnings for the year would be in line with market expectations.
Chief executive Duncan Garrood said: "Ten Entertainment has had another strong year, delivering profitable sales growth. Our ever-evolving offer, providing family entertainment underpinned by tenpin bowling, is thoroughly enjoyed by increasing numbers of customers.
"We continue to innovate, increase our footprint and improve the quality of our offering which positions us well for future growth."
Ten expects to announce its full-year results on 25 March.
As of 0845 GMT, Ten shares were up 1.12% at 313.48p.